Mexico: Remittance inflows strengthen in May
July 2, 2018
Remittances totaled USD 3.1 billion in May (April: USD 2.7 billion), a robust 19.8% increase from the same month last year, accelerating from the 17.9% rise registered in April. May’s print was driven by rapid growth in the number of electronic transfers, which rose 10.9% in annual terms (April: +13.1% year-on-year). The average amount remitted rose from USD 299 a year prior to USD 323.
Inflows have accelerated in recent months, in line with non-farm employment gains in the United States, and should see further support in the months ahead from tight U.S. labor market dynamics. Along with May’s strong reading, remittances registered an all-time high of USD 30.1 billion in the 12 months up to May, up from the USD 29.6 billion sum recorded in the twelve months up to April. May’s 12-month rolling figure increased 8.8% annually (April: +7.3% yoy).